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Cheap Renters Insurance Companies in Hawaii

Hawaii can be pricey, so finding cheap renters insurance in Hawaii may be a priority for anyone searching for coverage. The most affordable provider in Hawaii is State Farm. On average, State Farm charges average rates of $8 per month or $100 a year. In second place is Allstate, offering slightly higher prices of $9 per month or $102 annually.

MoneyGeek calculated the average costs of each renters insurance company based on prices from multiple localities across Hawaii. These rates are for a basic policy that includes personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.

Personal Property Coverage:

$20,000

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Company
Amountper year
1. State Farm
In 2021, State Farm ranked #1 for the cheapest renters insurance with $20,000 in personal property coverage in Hawaii.
$100
2. Allstate
In 2021, Allstate ranked #2 for the cheapest renters insurance with $20,000 in personal property coverage in Hawaii.
$102
3. First Insurance Company of Hawaii
In 2021, First Insurance Company of Hawaii ranked #3 for the cheapest renters insurance with $20,000 in personal property coverage in Hawaii.
$150
Insurance Rates

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Best Renters Insurance Companies in Hawaii

Price isn’t the only factor you should consider when choosing an insurance company. Ideally, you should try to choose a provider that has excellent customer service so if you ever need to file a claim, the process will be hassle-free.

MoneyGeek ranked the best renters insurance in Hawaii based on price, AM Best’s financial stability ratings and J.D. Power’s customer service scores. Our findings revealed that State Farm is the leading renters insurance provider in the state with a score of 95 out of 100. Allstate places second with a score of 71.


1

State FarmScore: 95

5/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability


State Farm's add-on options include earthquake coverage, identity restoration and additional liability coverage. State Farm offers helpful resources on renters insurance if you want to learn more about coverage, maintaining a safe home and more.

2

AllstateScore: 94

4.9/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability


With Allstate, you can get attractive discounts for safety devices and bundling policies. The company also provides round the clock claims support via phone and has solid financial strength ratings. Signing up for an Easy Pay Plan to have your payment automatically withdrawn from your bank account can make sure you never miss a payment and earn you up to 5% in savings.

Largest Renters Insurance Companies in Hawaii

The largest insurance providers in Hawaii based on market share are State Farm (31%), Heritage (13%), Tokio Marine Holdings (10%), USAA (7%) and Allstate (6%). These carriers account for roughly 66% of the renters insurance policies in the state.

It can be beneficial to buy your policy from a large company since it might have the financial stability to make claim reimbursements more easily.

Company
Market Share
1. State Farm
In 2021, State Farm ranked #1 in Hawaii for renters insurance market share.
30.6%
2. Heritage Insurance
In 2021, Heritage Insurance ranked #2 in Hawaii for renters insurance market share.
12.8%
3. First Insurance Company of Hawaii
In 2021, First Insurance Company of Hawaii ranked #3 in Hawaii for renters insurance market share.
10.0%
4. USAA
In 2021, USAA ranked #4 in Hawaii for renters insurance market share.
7.0%
5. Allstate
In 2021, Allstate ranked #5 in Hawaii for renters insurance market share.
6.0%

Average Cost of Renters Insurance in Hawaii

$0
$0

renters insurance is 0.0% more than the average.

Renters insurance is relatively cheap in Hawaii compared to the average national rate. In Hawaii, the average cost is $101 per year. This is $58 less than the U.S. average. These rates are for a customer with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.

To save money, you should compare renters insurance quotes from multiple companies and find the cheapest policy for your needs. For example, our sample renter could save $50 per year by choosing State Farm, the cheapest provider in Hawaii, instead of First Insurance Company of Hawaii, the most expensive provider. This equals about $4 per month in savings.

What Factors Impact Renters Insurance Cost in Hawaii

Many factors determine your renters insurance premium in Hawaii, including where you live, your deductible and more. It’s important to remember these criteria when shopping for coverage.

  • Location: Your ZIP code can impact your rates. This is because factors like extreme weather events or high crime rates are riskier to insure and may increase your costs.
  • Coverage amount: The more add-on insurance you buy, the higher your premium will be. It’s a good idea to do a home inventory so you can decide which valuables to cover.
  • Deductible: You need to pay a deductible to get your claim processed. To get a higher payout for your claim, you should select a policy with a low deductible. However, lower deductibles will cause your premium to go up.
  • Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): You can buy an ACV or RCV policy depending on how you want your assets to be priced if you file a claim. An ACV policy takes into account that your property loses value over time, so you’ll receive less reimbursement for old items. An RCV plan will pay for a new product of the same type and quality. If you want higher compensation for your claim, you should select the costlier RCV package.
  • Credit Score: While credit scores may impact prices in other states, Hawaii doesn’t allow insurance companies to use consumers' credit ratings to determine their premium.
Insurance Rates

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

Renters Insurance in Hawaii: What You Need to Know

Renters insurance in Hawaii is a great way to protect your possessions from unexpected disasters.

The average rental rate in Hawaii is $1,651 per month. Roughly 37% of the state’s population are renters. For a basic renters insurance policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly price is $8. This equates to 0.5% of the monthly rental cost.

What Renters Insurance Typically Covers in Hawaii

It’s good to know what your renters insurance policy does and does not cover. Basic coverage includes personal property, liability insurance, medical payments and additional living expenses.

In Hawaii, personal property insurance typically covers damages caused by extreme events like windstorms or lightning.

What Renters Insurance Typically Does Not Cover in Hawaii

Renters insurance coverage in Hawaii generally excludes the following situations:

  • Flooding: Flooding due to natural disasters is excluded. Since flash floods can occur in Hawaii, it’s advisable to get coverage by purchasing flood insurance through the National Flood Insurance Program (NFIP).
  • Earthquake Damage: You may want to buy extra coverage for possible earthquake damage because it is not included in your policy.
  • Structural Damage: Your renters insurance will not cover structural damage. It’s your landlord’s responsibility to buy additional coverage for their property’s structure.
  • Roommate Property: While your policy covers your property, it won’t cover your roommate’s belongings. They need to get their own insurance.
  • Expensive Items: Valuables are not included. However, they can be covered through an additional rider.

It's a good idea to learn what your renters insurance policy covers and excludes so you know what to expect if you ever need to file a claim.

FAQs About Renters Insurance in Hawaii


Is renters insurance required in Hawaii?This is an icon

Hawaii State law does not mandate that tenants need to have renters insurance. That said, you should be prepared for your landlord to require you to purchase a policy.

Do you need renters insurance in Hawaii? This is an icon

MoneyGeek recommends that you buy renters insurance since premiums are relatively cheap and can protect your property.

Can your landlord in Hawaii require renters insurance?This is an icon

Yes, your landlord has the right to require you to purchase renters insurance to lease their property.

How much is renters insurance in Hawaii? This is an icon

MoneyGeek’s research indicates that State Farm and Allstate are the two cheapest renters insurance carriers in the state.

Insurance Rates

Compare Renters Insurance Rates

Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

Renters Insurance in Hawaii Analysis: Methodology

MoneyGeek analyzed renters insurance premiums from three of the top insurance companies in Hawaii that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Hawaii. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.

About the Authors

The MoneyGeek editorial team has decades of combined experience in writing and publishing information about how people should manage money and credit. Our editors have worked with numerous publications including The Washington Post, The Daily Business Review, HealthDay, and Time, Inc., and have won numerous journalism awards. Our talented team of contributing writers include mortgage experts, veteran financial reporters, and award-winning journalists. Learn more about the MoneyGeek team.